The new platform will acquire, own and operate distributed (DG), utility-scale, and commercial (C&I) solar projects
SolRiver and Rockland closed an equity commitment to acquire solar projects. (Credit: Pixabay/Sebastian Ganso)
SolRiver, a solar investment fund that owns distributed-generation and utility-scale projects, has closed an equity commitment from Rockland Capital to acquire $200m of solar projects.
The platform will acquire, own and operate distributed (DG), utility-scale, and commercial (C&I) solar projects.
The collaboration focuses on the projects that have an output capacity from 2MW to 50MW across the US as well as the projects in any phase of development, from pre-NTP through mechanical completion.
The platform has already acquired 25MW across seven projects
SolRiver managing partner Brandon Conard said: “Partnering with Rockland allows SolRiver to capture a larger share of an increasingly complex solar market.
“Solar projects now include new technologies like energy storage, new revenue strategies like hedges and merchant structures, and new policies like community solar.
“Rockland brings a savvy team, familiar with those complexities from a range of large energy investments, to assist SolRiver in evaluating and structuring modern solar projects for success.”
The firm said that the platform has already started acquiring solar projects.
It has recently completed the first round of acquisitions that includes a total 25MW across seven projects in four states.
Furthermore, the platform is planning to acquire more than 150MW of projects in the next twelve months.
SolRiver is engaged in financing the development, construction, and acquisition of DG, C&I, and utility-scale projects. Currently, it owns and operates projects across the US from Oregon to New York.
SolRiver Business Development head Nick Gazzolo said: “We look at 2 GW of projects every year. That volume requires a streamlined process to underwrite, close, and fund deals. Our partnership with Rockland has enabled us to continue doing that at a larger scale.
“Our goal is to build long-term relationships with the developers and installers we work with.
“That begins with a competitive offer, and continues by working collaboratively with our partners. The repeat business we’ve seen confirms that our development partners trust us to get the job done at a good price.”